Egypt’s Abu Qir Fertilizers will invest $300 million into expanding its Ammonium Nitrate production. The project will start production in 2005 and is expected to lift profits to 500 million Egyptian Pounds ($107 million), reported Al-Gomhuria.
The investment will be self-financed through the company’s liquidity. The expansion will increase Abu Qir’s production capacity by 33.5 percent and will increase its market share to percent from its current 65 percent share.
Abu Qir Fertilizers was established in 1976 as a joint stock company, producing urea, ammonium nitrate, anhydrous liquid ammonia and bagging. The company has a total asset value of EP 3.1 billion and employs 3000 workers. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
